Bill Text: NY S07816 | 2021-2022 | General Assembly | Introduced


Bill Title: Relates to compensation disclosures by certain gas corporations, electric corporations, water-works and steam corporations; defines certain terms relating thereto; changes the effective date to the ninetieth day after it shall have become a law.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2022-02-24 - SIGNED CHAP.121 [S07816 Detail]

Download: New_York-2021-S07816-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          7816

                    IN SENATE

                                    January 12, 2022
                                       ___________

        Introduced  by Sen. KAMINSKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the public service law and the public  authorities  law,
          in  relation  to  requiring  a  compensation  statement to be filed by
          certain gas corporations, electric corporations, water-works and steam
          corporations; and to amend a chapter of the laws of 2021 amending  the
          public  service law and the public authorities law relating to requir-
          ing a compensation statement to be filed by certain gas  corporations,
          electric corporations, water-works corporations and service providers,
          as  proposed  in  legislative  bills numbers S. 1544-A and A. 4403, in
          relation to the effectiveness thereof

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  111-a  of  the public service law, as added by a
     2  chapter of the laws of 2021 amending the  public  service  law  and  the
     3  public authorities law relating to requiring a compensation statement to
     4  be filed by certain gas corporations, electric corporations, water-works
     5  corporations  and  service  providers,  as proposed in legislative bills
     6  numbers S. 1544-A and A. 4403, is amended to read as follows:
     7    § 111-a. Additional  information  in  annual  reports;  disclosure  of
     8  compensation.  1.  [Any]  Every  gas  corporation, electric corporation,
     9  steam corporation, and water-works corporation whose rates are regulated
    10  by the commission, [or service provider with] and having a gross  annual
    11  operating  revenue  of  more  than one million dollars shall prepare and
    12  [file] include in its annual report filed with the  department[,  on  or
    13  before  October  thirty-first  of  each  year,] a compensation statement
    14  showing for the preceding calendar year:
    15    a. the names, titles, and duties of all executive officers and  direc-
    16  tors  and the compensation received by each such executive officer[. For
    17  purposes of this section "executive  officer"  includes  the  president,
    18  secretary,  treasurer, and vice president in charge of a principal busi-
    19  ness unit, division or function of such gas corporation, electric corpo-
    20  ration, water-works corporation or service provider; or any other  offi-
    21  cer  who  performs  a  policy  making  function, or any other person who

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01236-06-2

        S. 7816                             2

     1  performs similar policy making functions for such gas corporation, elec-
     2  tric corporation,  water-works  corporation,  or  service  provider  who
     3  receives  a compensation at the rate of one hundred twenty-five thousand
     4  dollars or more per annum] and director; and
     5    b.  the  estimated  proportion of the compensation disclosed in [para-
     6  graph a of] accordance with this subdivision, that is paid, directly  or
     7  indirectly,  by  the ratepayers to the extent such proportion is reason-
     8  ably calculable.
     9    2. [Any gas  corporation,  electric  corporation,  water-works  corpo-
    10  ration,  or  service  provider  with a gross annual operating revenue of
    11  more than one million dollars shall provide a compensation statement for
    12  six years preceding the effective date  of  this  section.  Such  report
    13  shall  contain  the  information  specified  in  subdivision one of this
    14  section] For purposes of this section:
    15    a. "Compensation" means salary, deferred compensation, incentive  pay,
    16  stock options, life insurance premiums and any change in actuarial value
    17  of accumulated pension benefits for the reporting period.
    18    b.  "Executive officer" means the president, secretary, treasurer, and
    19  vice president in charge of a principal business unit, division or func-
    20  tion of such gas corporation, electric corporation,  water-works  corpo-
    21  ration  or steam corporation, and any other officer who performs similar
    22  policy-making functions for such gas corporation, electric  corporation,
    23  water-works  corporation,  or steam corporation and who receives compen-
    24  sation at the rate of one hundred seventy-five thousand dollars or  more
    25  per annum.
    26    3.  The compensation statement for each such gas corporation, electric
    27  corporation, steam corporation and water-works corporation  [or  service
    28  provider]  shall  be made publicly available on the department's website
    29  not later than thirty days after the date of the filing  of  the  annual
    30  report required by subdivision one of this section. The department shall
    31  post  a  compensation  statement  for  the Long Island power authority's
    32  service provider containing the information listed in subdivision one of
    33  this section annually on or before May first of each year.  The  depart-
    34  ment is authorized to request and collect any information necessary from
    35  the   service   provider   to  comply  with  the  requirements  of  this
    36  subdivision.
    37    § 2. Subdivision (ii) of section 1020-f of the public authorities law,
    38  as added by a chapter of the laws of 2021 amending  the  public  service
    39  law  and the public authorities law relating to requiring a compensation
    40  statement to be filed  by  certain  gas  corporations,  electric  corpo-
    41  rations,  water-works corporations and service providers, as proposed in
    42  legislative bills numbers S. 1544-A and A. 4403, is amended to  read  as
    43  follows:
    44    (ii) The [authority and the] service provider shall assist and cooper-
    45  ate  with the department of public service with respect to providing any
    46  data or information necessary for the department to [comply with] post a
    47  compensation statement for  the  service  provider  in  accordance  with
    48  subdivision  three of section one hundred eleven-a of the public service
    49  law.
    50    § 3. Section three of a chapter of  the  laws  of  2021  amending  the
    51  public  service law and the public authorities law relating to requiring
    52  a compensation statement to be filed by certain gas corporations,  elec-
    53  tric  corporations,  water-works  corporations and service providers, as
    54  proposed in legislative bills numbers S. 1544-A and A. 4403, is  amended
    55  to read as follows:

        S. 7816                             3

     1    §  3.  This  act  shall take effect [immediately] on the ninetieth day
     2  after it shall have become a law.
     3    §  4.  This  act shall take effect immediately; provided however, that
     4  sections one and two of this act shall take effect on the same date  and
     5  in  the same manner as a chapter of the laws of 2021 amending the public
     6  service law and the public  authorities  law  relating  to  requiring  a
     7  compensation statement to be filed by certain gas corporations, electric
     8  corporations,   water-works   corporations  and  service  providers,  as
     9  proposed in legislative bills numbers  S.  1544-A  and  A.  4403,  takes
    10  effect.
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